CORRECTION FROM SOURCE: GlobeStar Announces Bought Deal Financing

TORONTO, ONTARIO--(CCNMatthews - May 4, 2007) - This release corrects and replaces the release issued on May 4, 2007 at 10:22 AM ET for Globestar Mining Corporation. The Forward-Looking statements mentioned the wrong company name. The complete and corrected release follows:

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

GlobeStar Mining Corporation (TSX:GMI) (the "Company") confirms an agreement with a syndicate led by Desjardins Securities Inc., and including Westwind Partners Inc. (collectively, the "Underwriters"), to raise $20,000,000 on a bought deal basis consisting of a private placement of 10,000,000 Common Shares at a price of $2.00 per Common Share.

The Underwriters have also been granted an option to place, prior to closing, up to an additional 2,000,000 Common Shares at a price of $2.00 per Common Share for further gross proceeds of $4,000,000 and for aggregate gross proceeds of $24,000,000.

Closing of the transaction is expected to occur on or about May 29, 2007 and is subject to normal regulatory approvals. The net proceeds of the Offering will be for acceleration of the exploration program, mine development, potential debt reduction and for general corporate purposes.

About GlobeStar Mining Corporation

GlobeStar Mining Corp. is a mine development company, developing the permitted Cerro de Maimon copper/gold project, currently anticipated to be due for completion in summer 2008. The Company is also aggressively exploring an extensive base and precious metals exploration portfolio in the Dominican Republic with a US$ 4M exploration budget for nickel and copper/gold exploration, including a 207-hole drilling program on the Company's nickel concessions.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States (or any other jurisdiction where it would not be allowed). The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or unless an exemption from such registration is available.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of GlobeStar Mining Corporation. Actual results realized may vary materially from the information provided in this news release. As a result, there is no representation by GlobeStar Mining Corporation that actual results realized in the future will be the same in whole or in part as those presented herein.

The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release